When I heard the latest on the extension of the 2001 income tax cuts, all I could do was shake my head. Despite the alleged voter mandate on lower spending and cutting the deficit, Congress didn’t get the message. Both parties are fighting over how much to add to the deficit, with a bizarre back-and-forth exchange in public over how to do it. Here’s how it really went down in the backrooms of Washington:

Dems: We want to raise taxes on people making over $250,000 per year.

Repubs: No, we won’t allow that.

Dems: Oh yeah? We’ll tell everyone that you guys are going to add $700 billion to the deficit, and then we’ll very quietly mention that this amount is spread out over 10 years.

Repubs: Go ahead, we aren’t budging. While you’re at it, be sure to mention that by keeping everyone’s 2001 tax cut in place, we’ll both be adding $3 trillion to the deficit over those 10 years.

Dems: How about if we only raise taxes on people making over $1 million per year?

Repubs: No, we won’t allow that either.

Dems: OK, here goes!

“Americans, the Republicans want to add $700 billion to the deficit!” Much yawning ensued, so the Dems tried again.

Dems: OK, Americans don’t seem to care about the deficit. What if we don’t raise the taxes on anyone for the next two years?

Repubs: Yes, that would be fine.

Dems: All right! We can do that, if you agree to extend unemployment benefits for another year.

Repubs: Well, only if you agree to extend the existing temporary business tax cuts for another two years.

Dems: Deal! But you have to also agree to cut 2 percent off of the payroll tax for workers.

Repubs: Yes, I believe we can accommodate you there, but only if you allow businesses to write off 100 percent of their investment expenses.

Dems: Sure, but only if we can extend the low income child credit for another two years.

Repubs: I think we have ourselves a deal.

Many economists, including the chairman of the Federal Reserve, believe that we shouldn’t raise most taxes right now, and that increasing our debt to $15 trillion isn’t our biggest problem. They also believe that a lot of jobs will be created with this package. However, they also think that any money we borrow now should be offset by spending cuts in the future.

But our legislators aren’t doing that, even when solutions have been handed to them. President Obama created the “National Commission on Fiscal Responsibility and Reform” this year to look at the problem and the commission came up with a plan that nobody liked.

Why? Because the plan says we need to cut spending in military, increase the Social Security retirement age and cut Medicare benefits. Income taxes would go down on the rich, but the tax loopholes would also disappear. Nobody likes it because the people who support federal government candidates (Big Money) and the ones who actually show up and vote (old people) benefit the most from these programs. Politicians are smart enough to know not to bite the hand that feeds them.

Our congressional leaders’ reactions were swift, and nearly all of them rejected the ideas put forward by the commission. After reading about this, it reminded me of a time when I was eating at a Denny’s, probably 20 years ago (this isn’t a bad-food story, although I have plenty of those, too).

I brought the bill up to the cashier, and nervously handed over my credit card (please go through, please go through). Denied. “I’m sorry sir, but your card didn’t go through.” Hold on a minute, let me call them.

“Mr. Ryals, your credit limit was reduced because you missed two payments this year.” Drat. I did have a second credit card with about $80 left on it, so I didn’t have to wash dishes that night. Oh well, where are we going out for dinner tomorrow? That state of denial and the sinking feeling of being a slave to debt were bad enough that I still remember it today.

And that’s my fear for America. Our credit limit is nearing its maximum, and we’re not taking any real steps to address it. When the tax cuts were announced, the interest rate we pay on our debt promptly went up to 3.1 percent. Other countries don’t want to pay for this any longer, and we’re not taking steps that show our responsible use of credit.

We are in need of serious tax reform in this country, and people my age need to be told to start saving money. Big Government will not be able to fund our retirement and health care in the way they do now.

Are you ready for a real adult conversation?